Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0320%/8h= +35.0% APRpaid last 24h −0.039%

Price spread now: Coinbase International against Bitget−0.033%7-day average −0.079% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$360.358% of the position

Long on Bitget Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.066%−$7 on $10k

Price spread, last 4 days (all we have)−0.009%−$1 · spread now −0.033%, 7d avg −0.079%

Together, before fees−0.074%−$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Coinbase International is 0.046% dearer against Bitget than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.079%. Mind the row above: over the last 7 days funding on this pair cost −0.066%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.066% in total (about -3.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget CRCLUSDT	91.230	−0.0288	get 0.0288% / 8h	7h 55m	$17.3M	$36.7M	25x
Short	Coinbase International CRCL-PERP-INTX	91.200	0.0032	get 0.0004% / 1h	55m 19s	$873K	$502K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bitget. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BitgetbpFee Coinbase InternationalbpOrdersPrice spread, now −0.033%Rate

Funding earned: $67.2
Price spread: −0.033% → −0.079%: $4.63
Slippage, 4 orders: −$13.79
Fee Bitget: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $36.04
Costs to cover: 0.358%
Break-even: 3.2 days

Slippage from Bitget: live order book, 4 min ago; Coinbase International: live order book, 43 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Bitget live order book, 4 min ago	1.64 bp	10.4 bp −$10	16.5 bp −$165	37.5 bp −$3,751	doesn't fit
Sell Coinbase International live order book, 43 min ago	2.73 bp	7.7 bp −$8	13.1 bp −$131	doesn't fit	doesn't fit

CRCL on 34 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT CRCL_USDT_Perp	−0.1007%	8h	91.321	+0.099%	$70K	$1.1M	10x	as long as short
Bitget CRCLUSDTlong	−0.0288%	8h	91.230	long leg	$17.3M	$36.7M	25x
Vest CRCL-USD-PERP	−0.0088%	1h	91.100	−0.142%	—	$31K	25x	as long as short
tradeXYZ xyz:CRCL	−0.0023%	1h	91.219	−0.012%	$67.3M	$44.4M	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.200	−0.033%	$14.8M	$26.6M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.330	+0.110%	$7.8M	$26.2M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.200	−0.033%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.179	−0.056%	$982K	$2.4M	10x	as long as short
Coinbase International CRCL-PERP-INTXshort	+0.0032%	1h	91.200	−0.033%	$873K	$502K	10x
Aftermath Perps CRCLUSD	+0.0036%	1h	91.307	+0.084%	$2K	$29K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus CRCL-USD	+0.0040%	1h	91.280	+0.055%	$95K	$294K	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.234	+0.004%	$377K	$1.3M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.190	−0.044%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.430	+0.219%	$1.1M	$4.8M	10x	as long as short
QFEX CRCL-USD	+0.0065%	1h	91.240	+0.011%	$1.3M	$1.7M	10x	as long as short
Lighter CRCL	+0.0072%	1h	91.173	−0.062%	$2.9M	$2.1M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0079%	1h	91.210	−0.022%	$5K	$769K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.260	+0.033%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.260	+0.033%	$2.6M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.400	+0.186%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.260	+0.033%	$910	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.199	−0.034%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0147%	8h	91.470	+0.263%	$2.4M	$3.3M	—	as long as short
Paradex CRCL-USD-PERP	+0.0149%	8h	91.274	+0.048%	$420	$905	5x	as long as short
edgeX CRCLUSDC	+0.0150%	4h	91.555	+0.356%	$52K	$269K	10x	as long as short
Nado CRCL-PERP	+0.0176%	1h	91.234	+0.005%	$134K	$109K	3x	as long as short
Aster CRCLUSDT	+0.0207%	8h	91.220	−0.011%	$1.0M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0223%	8h	91.276	+0.050%	$104.9M	$389.1M	50x	as long as short
Extended CRCL_24_5-USD	+0.0224%	1h	91.216	−0.015%	$1.0M	$5.0M	10x	as long as short
Phoenix CRCL	+0.0227%	1h	91.541	+0.341%	$27K	$66K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0289%	8h	91.270	+0.044%	$22.2M	$61.7M	50x	as long as short
BloFin CRCL-USDT	+0.0343%	8h	91.350	+0.132%	$1.1M	$1.7M	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.430	+1.315%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	91.320	+0.099%	$412K	$259K	10x	as long as short